Three things determine if a taxpayer is required to file a tax return: gross income, filing status and age. Gross income includes all taxable income received in the form of money, property, goods and services. In general, if gross income exceeds the total of your personal exemption and standard deduction, a tax return is required. Self-employed persons with net earnings from self-employment of $400 or more must file. Other individuals who should file, even if not required to do so, are those who will receive a refund.
Filing Requirements for Most Taxpayers:
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Individuals who are:
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Are required to file if gross income for 2011 is:
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Single
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Younger than 65
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$9,500
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65 or older
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$10,950
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Married Filing Jointly
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Both younger than 65
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$19,000
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One spouse 65 or older
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$20,150
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Both 65 or older
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$21,300
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Not living with the spouse at the end of the year or on the date the spouse died
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$3,700
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Married Filing Separately
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$3,700
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Head of Household
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Younger than 65
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$12,200
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65 or older
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$13,650
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Qualifying Widower
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Younger than 65
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$15,300
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65 or older
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$16,450
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If you would like further information regarding this issue as well as any other tax related issue, please contact Henssler Financial at 770-429-9166 or at experts@henssler.com
Disclosures
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
